About Pipsychology

If you can't keep your emotions in check when trading, you will lose money. Lots of it. Pipsychology was created to help minimize this from happening to you. The most significant action that you can do to improve trading profits is to work on yourself. Really knowing yourself and how you think can give you an edge that others in the market don't have. My goal is to share practical advice to improve your forex psychology without boring you to death. Hopefully you can develop the mental edge you need to become the best trader you can be.

No Trader Is An Island

Admit it. There was a time in your trading career that you thought every single forex trader other than yourself was “a few fries short of a happy meal” and didn’t deserve your time of day. You thought to yourself that since only 10% of traders make it, the guy you’ve been arguing with on the forums about the best moving average system is probably just another unprofitable trader giving unsolicited advice. He’s just one of those retail traders who spends more time lurking forex forums instead of actually trading.

In trading, people are tempted to do things on their own. And who could blame them?
In general, traders are competitive thinkers, and the purpose of creating systems is to have that “edge” over other traders that will lead to more profits than losses. A trader normally feels that his system is better than -insert name of disagreeable forum user here–, so why should he listen to him or her.

On the other hand, for others, there is the fear of being ridiculed and being called a “noob.” This is especially true in online forex forums.

Whatever your reasoning may be for wanting to attack the markets solo like Rambo, we have to understand that nobody can, nor should, go through it alone.

All traders start out at the bottom and have to work their way up the ladder of success, but that doesn’t mean we can’t help each other along the way. The fastest way to climb to the top and be successful is to reach out to other traders, pick their brains, and learn from their experiences.

This all starts with stepping out of our comfort zones and understanding that there is always room to grow and learn from others.

Learning from others can be seen in all aspects of life. In sports, athletes continuously listen to coaches, so that they can improve on their skill sets. In business, it is common to see successful businessmen have mentors who counsel them from time to time.

The good news is that you don’t have to drive a hundred miles to a Forex convention just to find your Phil Jackson to coach you into becoming the Kobe Bryant of trading. All you have to do is go online and browse for websites that offer you the opportunity to learn without the hassle of leaving your home. Here are a few of them:

First is Meetpips.com which, as its name suggests, is an avenue for you to meet other forex traders. In addition to that, it allows you to create and share your trade ideas, and monitor your performance.

Then, for all those curious cats out there, Askpips.com is the perfect website where you can ask all the forex questions that you may have.

And of course, you can checkout discussions about fundamentals, trading systems, and brokers at the trading forums at BabyPips.com. If you feel like taking a break, you can even play Tetris and Pacman with other traders!

Remember, the markets are tough and we’re all fighting each other for pips, but this doesn’t mean we all can’t grab our own small piece of that huge Forex pie and succeed in our own way. Why not reach out to others for advice, or to help your fellow man (or woman) survive in these treacherous market waters? Who knows? Maybe you’ll even make a few friends along the way!

Same applies to me…still learning the basics:)
Still I agree with you that Forex in this age and time with all the online social media and web 2.0 stuff directly at your disposal while actively trading on your platform breaks with this perception of Forex being a loney road. Why with stuff like Teamviewer you can even look at the trades your coach is making while having a free talk about the trade on Skype. Or your coach can do the same by looking at your trades and correcting you verbaly on the spot. Now this doesn’t exactly sounds as lonely:) Please correct me if I’m wrong

Same applies to me…still learning the basics:)
Still I agree with you that Forex in this age and time with all the online social media and web 2.0 stuff directly at your disposal while actively trading on your platform breaks with this perception of Forex being a loney road. Why with stuff like Teamviewer you can even look at the trades your coach is making while having a free talk about the trade on Skype. Or your coach can do the same by looking at your trades and correcting you verbaly on the spot. Now this doesn’t exactly sounds as lonely:) Please correct me if I’m wrong